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Pin to quick picksAvation Regulatory News (AVAP)

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TURBOPROP PORTFOLIO TRANSACTION

24 Apr 2017 12:02

RNS Number : 1004D
Avation PLC
24 April 2017
 

AVATION PLC

("Avation" or "the Company")

  TURBOPROP PORTFOLIO TRANSACTION

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, announced on 16 March 2017 that it had entered into a letter of intent in relation to the sale of six ATR 72-600 aircraft. The Company confirms that it has now entered into definitive sale and purchase agreements with Chorus Aviation Capital Corp., and certain of its subsidiaries in relation to the aircraft.

 

Chorus Aviation Inc. (TSX: CHR), the parent company of Chorus Aviation Capital Corp., has made an announcement in respect of the transaction which is appended to this announcement. The sale and purchase agreements remain subject to confirmation of bank finance by Chorus Aviation Capital Corp., as well as other closing conditions typical of transactions of this nature including the novation of the lease agreements by the respective airlines. The transactions are expected to complete prior to the end of June 2017.

 

The completion of the sale of all six aircraft releases approximately US$31 million in net proceeds to the Company after costs and debt repayments. The Directors will consider the redeployment of these proceeds through the acquisition of aircraft that further diversify Avation's portfolio.

 

Executive Chairman Jeff Chatfield said, "We are pleased to have progressed our strategy to further diversify our fleet. The value rationale for this series of transactions is the release of equity, which can be reinvested for growth, as well as the creation of an opportunity to diversify Avation's customer base. The company believes that improving airline customer diversification mitigates overall risk and therefore improves Avation's credit metrics. We remain confident in the prospects for the ATR aircraft type which is the leading turboprop in the world with a market share of approximately 85 per cent."

 

-ENDS-

 

More information on Avation can be seen at: www.avation.net

 

Enquiries:

Avation

Jeff Chatfield, Executive Chairman

 

T: +65 6252 2077

Notes to Editors:

Avation PLC is a commercial passenger aircraft leasing company, owning and managing a fleet of 40 jet and turboprop aircraft which it leases to airlines across the world. The Company's customers include Air France, Air Berlin, Air India, Condor, Flybe, Fiji Airways, Thomas Cook, Virgin Australia, UNI Air and Vietjet Air.

 

FULL TEXT OF CHORUS AVIATION INC. ANNOUNCEMENT:

Chorus Aviation announces agreements to acquire

six ATR 72-600 aircraft on lease to Flybe and Virgin Australia

 

Halifax, April 24, 2017 - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today agreements by Chorus Aviation Capital's subsidiaries to acquire six ATR 72-600 aircraft with attached leases from Avation PLC. Three of these aircraft are currently on lease to U.K. carrier, Flybe, and three to Virgin Australia Airlines. The aircraft are between one and four years old and are the first ATRs added to Chorus Aviation Capital's growing regional aircraft fleet.

 

Commenting on the planned purchase, Chorus Aviation Capital's President, Steven Ridolfi, said, "We are delighted to announce this portfolio acquisition, adding two outstanding customers to our growing pool of airline lessees, and welcoming the addition of the first ATRs to our diversifying fleet."

 

Joe Randell, President and Chief Executive Officer, Chorus, said, "This investment further demonstrates the targeted expansion and growth strategy for Chorus into regional aircraft leasing. We are building a leading global regional aircraft lessor and look forward to announcing additional opportunities in the months ahead."

 

The aggregate purchase price for the aircraft is consistent with current market values for similar aircraft, and Chorus Aviation Capital intends to finance the purchase utilizing a combination of debt financing and cash with a leverage ratio of between three and four to one. The transactions are expected to close by the end of June 2017 and are subject to customary conditions precedent to closing, including novation of the existing leases and receipt of debt financing.

 

About Chorus

Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus owns Jazz Aviation and Voyageur Aviation - companies that have long histories of safe and solid operations that deliver excellent customer service in the areas of contract flying operations, engineering, fleet management, and maintenance, repair and overhaul. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and recently established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. For more information about Chorus and its subsidiaries, see www.chorusaviation.ca.

 

Forward-Looking Information

This news release may contain "forward-looking information" as defined under applicable Canadian securities legislation. Forward-looking information typically contains words such as "anticipate", "believe", "could", "should", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar words and phrases, including references to assumptions. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information related to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward looking information, by its nature, is based on assumptions, including those described below, and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Factors that may cause results to differ materially from expectations in this news release include, without limitation, that the conditions precedent to the closing of the transactions contemplated by this news release are not fulfilled or waived by the parties. For a further discussion of risks, please refer to the section titled "Risk Factors" in Chorus' 2016 Annual Information Form. Any statements containing forward-looking information in this news release represent Chorus' expectations as of April 24, 2017. Chorus disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

 

Chorus Media Contacts:

Manon Stuart Halifax, Nova Scotia (902) 873-5054 mstuart@chorusaviation.ca 

Debra Williams Toronto, Ontario (905) 671-7769 dwilliams@chorusaviation.ca

 

Analyst Contact:

Nathalie Megan Halifax, Nova Scotia (902) 873-5094 nmegann@chorusaviation.ca

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DISOKQDNOBKKDQB
Date   Source Headline
16th May 202410:00 amRNSHolding(s) in Company
13th May 20247:00 amRNSAVATION SENIOR NOTES COUPON PAYMENT
2nd May 20247:00 amRNSTEN YEAR LOW CO2 AIRCRAFT ORDERBOOK
25th Apr 20247:03 amRNSLEASE OF ATR 72 TO PNG AIR
24th Apr 20247:00 amRNSHolding(s) in Company
3rd Apr 20247:00 amRNSTransaction in Own Shares
22nd Mar 20247:00 amRNSTransaction in Own Shares
18th Mar 20247:00 amRNSTransaction in Own Shares
15th Mar 20247:00 amRNSWARRANT GRANT AND DIRECTORS’ DEALING
15th Mar 20247:00 amRNSAIRCRAFT SALE COMPLETION
11th Mar 20247:00 amRNSTransaction in Own Shares
4th Mar 20247:00 amRNSTransaction in Own Shares
1st Mar 20247:00 amRNSHalf-year Report
27th Feb 20247:00 amRNSINTERIM RESULTS AND INVESTOR UPDATE CALL
28th Dec 20237:00 amRNSTreasury Dealing
15th Dec 20237:00 amRNSREFINANCING OF AIRCRAFT
4th Dec 20237:00 amRNSCOMPLETION OF AIRCRAFT TRANSITION
28th Nov 20237:00 amRNSHolding(s) in Company
23rd Nov 202310:01 amRNSResult of AGM
23rd Nov 20237:40 amRNSAGM Statement
21st Nov 20237:21 amRNSDirector/PDMR Shareholding
21st Nov 20237:00 amRNSAGM TELECONFERENCE DETAILS
16th Nov 20239:26 amRNSANNUAL REPORT SUBMITTED TO NSM
10th Nov 20237:00 amRNSHolding(s) in Company
8th Nov 20237:00 amRNSHolding(s) in Company
8th Nov 20237:00 amRNSHolding(s) in Company
6th Nov 20237:00 amRNSHolding(s) in Company
1st Nov 20231:21 pmRNSDIRECTORS’ DEALING
1st Nov 20238:38 amRNSWARRANT GRANT AND DIRECTORS’ DEALING
30th Oct 20237:00 amRNSSALE OF ATR 72-500 AIRCRAFT
27th Oct 20237:27 amRNSNotice of AGM
25th Oct 20237:00 amRNSHolding(s) in Company
19th Oct 20237:00 amRNSHolding(s) in Company
3rd Oct 20238:39 amRNSHolding(s) in Company
2nd Oct 202311:46 amRNSHolding(s) in Company
28th Sep 20237:00 amRNSUNAUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2023
22nd Sep 20237:00 amRNSFINANCIAL YEAR 2023 RESULTS AND INVESTOR CALL
11th Sep 20237:00 amRNSCEBU LEASE
5th Jul 20236:22 pmRNSTrading Statement
18th May 20237:49 amRNSBLOOMBERG INTELLIGENCE WEBINAR
10th May 20237:00 amRNSTRADING UPDATE
13th Apr 20237:00 amRNSSALE OF ATR 72-600 AIRCRAFT
29th Mar 20237:00 amRNSADMISSION OF NEW ORDINARY SHARES
24th Mar 20237:00 amRNSEXERCISE OF WARRANTS AND DIRECTORS’ DEALING
20th Mar 20237:07 amRNSAircraft Delivery
9th Mar 20237:00 amRNSDIRECTOR’S SENIOR NOTES DEALING
8th Mar 20237:00 amRNSWARRANT GRANT AND DIRECTORS’ DEALING
3rd Mar 20237:01 amRNSUNAUDITED RESULTS FOR SIX MONTHS ENDING DEC 2022
2nd Mar 20237:06 amRNSNEW AIRLINE CUSTOMER
24th Feb 20237:02 amRNSESG REPORT PUBLISHED

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